As biometric payment card production begins, Zwipe wraps up oversubscribed share placement

As biometric payment card production begins, Zwipe wraps up oversubscribed share placement

The final tally of Zwipe’s private placement and subsequent offering is more than 4 million valid subscriptions received, and full allocation of the 7,381,315 shares offered, at a value of approximately NOK 111 million (US$11.6 million).

The subsequent offering expired on October 27, and the offer shares ran out before 1.5 million new shares subscribed for by investors without subscription rights, to whom no shares were therefore allocated. The offering was oversubscribed by 1,829,982 new shares by shareholders who did have subscription rights.

Several primary insiders invested during the subsequent offering, including board members Johan Biehl, who picked up 12,169 offer shares, Dennis Jones (2,728 shares), and Diderik Schonheyder (302 shares).

Additionally, primary insider Concito AS, which is owned by Zwipe Board Member Pål Eivind Vegard, has been allocated 32,650 offer shares, 173 more than initially announced, and another, Feat Invest AB, which is owned by Biehl, has been allocated 12 more than the 18,280 offer shares it initially received in the subsequent offering. The company announced a subsequent offering to a previous NOK 96 million (roughly $10 million) private placement, raising up to an additional NOK 15 million ($1.6 million).

The shares are expected to be delivered on or around November 6, with trading on the Merkur Market or Nasdaq First North Growth Market beginning at the same time.

Zwipe has begun receiving volume orders of biometric fingerprint sensors to supply the payment card market.

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